Thursday, September 12 07:58:04
The European Commission has begun an investigation into allegations that Ireland offered special "sweetheart" tax deals to US multi- nationals.It is understood the probe will begin looking at any special tax deals offered by Ireland, the Netherlands and Luxembourg.
The new probe follows massive controversy in the United States, Britain, Germany and France about the low taxes charged on US companies with operations in Ireland.
A finding against Ireland could mean US companies here would have to pay back billions of euro in taxes.
The Department of Finance told this newspaper it was not aware of any investigation, following reports in the 'Financial Times' late last night. The Irish Independent
Irish banks could be required to have concluded agreements with one-quarter of their customers in mortgage arrears of 90 days or more by the end of next March as part of an agreement between the Government and the EU-IMF troika.
It is understood that "active negotiations" on this target are under way between the Central Bank of Ireland, which has responsibility for this area, and the troika and will conclude shortly.
These targets are expected to be announced in the coming weeks as part of the latest update of our bailout programme with the European Commission, European Central Bank and International Monetary Fund.
An initial target of 15 per cent for concluded agreements is expected to be pencilled in for the end of this year, ratcheting up to 25 per cent by the close of the first quarter of next year. The Irish Times
Europe's biggest home improvements retailer, reported a slight dip in profits today and said it was too early to call an economic recovery in Britain, though it was encouraged by recent data pointing to an upturn.
British retailers are still taking a cautious view of the market for the year ahead even though official data and surveys have shown an improving outlook for UK consumer spending, which generates about two-thirds of gross domestic product.
Kingfisher's Irish B&Q stores went into liquidation in January this year after one third of its revenue was wiped out in the recession and its rent. British finance minister George Osborne said on Monday that the UK economy has turned a corner and that its accelerating economy vindicated the government's austerity programme. The Irish Times
Galway-based Corrib Oil looks set to seal a deal to buy state-owned Suttons Oil from Bord na Mona following a lengthy process to find a buyer for the loss-making business.
A spokesman for Bord na Mona confirmed that a deal to sell Suttons Oil was close to finalisation, but declined to name the potential buyer.
"The company can further confirm it is engaged in confidential negotiations concerning the future of Suttons Oil and is communicating with various stakeholders, including company employees. The Irish Independent